01885cam a22002777 4500001000700000003000500007005001700012008004100029100002200070245007800092260006600170490004200236500001800278520064200296530006100938538007200999538003601071690006601107690013701173690008201310700002101392710004201413830007701455856003801532856003701570w15458NBER20180320004855.0180320s2009 mau||||fs|||| 000 0 eng d1 aVeronesi, Pietro.10aPaulson's Gifth[electronic resource] /cPietro Veronesi, Luigi Zingales. aCambridge, Mass.bNational Bureau of Economic Researchc2009.1 aNBER working paper seriesvno. w15458 aOctober 2009.3 aWe calculate the costs and benefits of the largest ever U.S. Government intervention in the financial sector announced the 2008 Columbus-day weekend. We estimate that this intervention increased the value of banks' financial claims by $131 billion at a taxpayers' cost of $25 -$47 billions with a net benefit between $84bn and $107bn. By looking at the limited cross section we infer that this net benefit arises from a reduction in the probability of bankruptcy, which we estimate would destroy 22% of the enterprise value. The big winners of the plan were the three former investment banks and Citigroup, while the loser was JP Morgan. aHardcopy version available to institutional subscribers. aSystem requirements: Adobe [Acrobat] Reader required for PDF files. aMode of access: World Wide Web. 7aG01 - Financial Crises2Journal of Economic Literature class. 7aG21 - Banks • Depository Institutions • Micro Finance Institutions • Mortgages2Journal of Economic Literature class. 7aG28 - Government Policy and Regulation2Journal of Economic Literature class.1 aZingales, Luigi.2 aNational Bureau of Economic Research. 0aWorking Paper Series (National Bureau of Economic Research)vno. w15458.4 uhttp://www.nber.org/papers/w1545841uhttp://dx.doi.org/10.3386/w15458